Stock Market LIVE Updates: Carborundum Universal informed on Tuesday, January 14, that its step-down material subsidiary, Russia-based Volzhsky Abrasive Works (VAW), has been added to the US Department of Treasury's Office of Foreign Assets Control (OFAC)'s Specially Designated Nationals and Blocked Persons List (SDN list), for operating or having operated in the manufacturing sectors of the Russian Federation economy.
The company, in an exchange filing, said, "We wish to inform you that today, the Board of Directors of the Company met to take note of an event relating to M/s. Volzhsky Abrasive Works (VAW), Russia, a step-down Material subsidiary of Carborundum Universal Limited (CUMI).
As per the US Department of State’s press release dated 10th January 2025, a set of Russian companies in the manufacturing sector which includes VAW were added to the US Department of Treasury’s Office of Foreign Assets Control (OFAC)’s Specially Designated Nationals and Blocked Persons List (SDN list), for operating or having operated in the manufacturing sector of the Russian Federation economy".
As a result of VAW’s designation, all of VAW’s property and interests in property that are in the United States or in the possession or control of US persons are blocked, it added. "Further, most financial transactions involving US currency and transactions involving US persons are not possible for VAW unless authorised by a general or specific license issued by OFAC or exempt," it noted.
As of the date of this letter, VAW has no business operations/ sales in the US. VAW is assessing the impact of its designation, the company said, while adding that any material updates will be informed post completion of the assessment by VAW.
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